Retail prices for many Australian wines have plummeted

The Sunday Times UK reports that the Australian wine industry is suffering from an unprecedented glut that has pushed the average price of grapes down to less than half what they fetched two years ago. The world”s fourth biggest producer does not have sufficient local demand to consume the rapidly swelling wine lake, whilst exports have suffered as a result of a recent surge Australian dollar. Retail prices for many Australian wines have plummeted in British supermarkets.

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